Companies leaning into workplace mentorship programs

RICHFIELD, Minn. – Workforce participation is still below pre-pandemic levels. There are around 3.5 million fewer Americans working than forecast. 

It's puzzled employers and economists. Able workers are sitting on the sidelines or quitting for new careers.

One solution to retain employees that's proven effective is having a mentor. Companies are leaning into workplace mentorship programs, and employees are seeking them out as the job market has been through many recent changes.

"The Great Resignation, the Great Reset, the Great Reshuffle, the Great Breakup," said Missy Chicre, CEO of Menttium, a Twin Cities-based corporate mentoring company.

Now, employers are hoping to kick start the great retention.

"We're seeing organizations that are continually looking for, 'How do I invest in my key talent? How can I invest in people to demonstrate that I want to develop, engage and retain them?'" said Chicre.

Menttium has been providing internal corporate and cross-company mentoring services to companies for more than three decades. Chicre says employees have a lot of choices right now.

"Whether it's working remotely and that opens up other options. Whether it's managing complexities in their personal lives that they're trying to reconcile with their work lives," she said.

"They want to see role models. They want to see how it's done," said Julie Owen, COO of Innovative Office Solutions.

Owen was mentored early in her career at Best Buy through Menttium. Years later, she provides mentorship to future leaders through that same program.  

"A lot of times, especially if you're ambitious and you're trying to figure out your career, you have a lot of things you want to talk about, but you don't know if you want to do that in your own company," said Owen.

Benefits of mentoring include increased job satisfaction, better likelihood of being promoted and higher retention rates for the mentors and the mentees.

A Deloitte study found that 81% of Millennials will stay with a company five years or more when they have a mentor.

A survey of 1,200 recent Menttium mentees showed 95% believe having a mentor had a positive impact on retention.

Owen says mentorship can provide different points of view and a trusted ear.

"By giving people a safe space to talk about things, you can a lot of times sort things out. You may figure out the grass is not always greener somewhere else. And you just give people that sense of well-being and the sense that someone cares. And that's what talent retention is about," said Owen.